Systems and methods for directing recurring financial transfer operations

ABSTRACT

The present invention provides systems and methods for implementing variable financial plans. The methods can include identifying an account, and accessing an account planning tool. Characteristics associated with the account are presented to the account planning tool, and an account plan is developed using the planning tool. Based at least in part on the account plan, a funds transfer is facilitated from a source of funds to the account. Activity in the account is monitored, and the account plan is modified in response to activity detected in the account plan.

CROSS-REFERENCE TO RELATED APPLICATIONS

The present application is a Continuation-in-Part of U.S. patentapplication Ser. No. 10/295,769, filed Nov. 14, 2002 , entitled “Systemsand Methods for Directing Recurring Financial Transfer Operations”; U.S.Pat. No. 7,747,525, filed Nov. 22, 2002 issued Jun. 29, 2010, entitled“Systems and Methods for Customizing Mortgage Characteristics”; U.S.Provisional Patent Application No. 60/423,706, filed Nov. 4, 2002entitled “Systems and Methods for Directing Recurring Financial TransferOperations”; U.S. Provisional Patent Application No. 60/423,698, filedNov. 4, 2002, entitled “Systems and Methods for Authorizing AccountAccess”. Each of the aforementioned patents and patent applications areincorporated herein by reference for all purposes.

BACKGROUND OF THE INVENTION

The present invention relates generally to the field of accountcustomization, and in particular to systems and methods for tailoringaccount characteristics to the needs of an individual consumer.

Various types of financial products are offered to consumers. Suchfinancial products typically are designed to meet the needs of a broadcross-section of a given market. For example, investment accounts may beoffered that include a particular type of equity products and offerdividend reinvestment. Further, such products may even offer a mechanismfor transferring-funds to or from the investment account on a periodicbasis. However, it is often an investor's responsibility to assure thatthe proper amount of funds is invested to meet a goal.

Alternatively, loan products are offered with set terms, rates andpayments. Thus, a consumer obtains a loan with the most applicableterms, and proceeds to make payments on the loan until the principleamount is satisfied. In many cases, the terms of the loan can betailored within some limit, but often not sufficient to meet the needsof an individual consumer.

Hence, for at least the aforementioned reasons, there exists a need inthe art for systems and methods capable of tailoring existing or “offthe shelf” financial products to the needs of individual consumers.

BRIEF SUMMARY OF THE INVENTION

The present invention provides systems and methods for implementingvariable financial plans. Such financial plans can be implemented inrelation to loans, investments, and other financial accounts thatinvolve recurring funds transfers. The methods can include identifyingan account, and accessing an account planning tool. Characteristicsassociated with the account are presented to the account planning tool,and an account plan is developed using the planning tool. Based at leastin part on the account plan, a funds transfer is facilitated from asource of funds to the account. Activity in the account is monitored,and the account plan is modified in response to activity detected in theaccount plan.

In various embodiments, the source of funds is a bank account. Further,in some of the embodiments, the method additionally includes performinga plurality of funds transfers from the source of funds to the firstaccount in accordance with the account plan. At least one funds transferoccurs prior to modifying the account plan, and another occurs aftermodifying the account plan. In some cases, the method also includesauthorizing access to the source of funds. Such authorization allows fortransferring funds from the source of funds to the first account inrecurring fashion in the absence of additional authorization.

In some cases, the account is a mortgage account, and monitoringactivity in the mortgage account includes identifying a change in one ormore characteristics of the mortgage associated with the mortgageaccount. In other cases, the account is an investment account, andmonitoring activity in the investment account includes identifying achange in a projected rate of growth of the investment account.

Other embodiments of the present invention provide methods for directingrecurring financial transfer operations. Such methods include preparingan account plan that indicates transferring funds to an accountassociated with the account plan. An account plan variable isidentified, and activity in the account is monitored. Based on themonitoring, the account plan is modified to maintain the identifiedaccount plan variable within a range. In some cases, the account is afirst account, and the account plan indicates transferring funds fromthe second account to the first account. In various cases, the methodfurther includes performing a plurality of funds transfers from thesecond account to the first account in accordance with the account plan.At least one of the funds transfers occurs prior to modifying theaccount plan, and another occurs after modifying the account plan. Insome cases, such funds transfers are performed by a loan maintenanceorganization. Further, in some cases, the method further involvesauthorizing access to the first and the second accounts. Suchauthorization can provide for transferring funds from the second accountto the first account in a recurring fashion without requiring additionalauthorization.

In some instances, an account planning tool is provided. Such an accountplanning tool is useful for preparing the account plan. In some cases,the planning tool is a mortgage planning tool, while in other cases, theplanning tool is an investment planning tool. In various instances, theidentified account plan variable is an amount of a periodic fundstransfer, while in other instances, the identified account plan variableis a goal. Thus, for example, the account plan variable may be an amountof funds available at a determined future date.

The summary provides only a general outline of the embodiments accordingto the present invention. Many other objects, features and advantages ofthe present invention will become more fully apparent from the followingdetailed description, the appended claims and the accompanying drawings.

BRIEF DESCRIPTION OF THE DRAWINGS

A further understanding of the nature and advantages of the presentinvention may be realized by reference to the figures which aredescribed in remaining portions of the specification. In the figures,like reference numerals are used throughout several to refer to similarcomponents. In some instances, a sub-label consisting of a lower caseletter is associated with a reference numeral to denote one of multiplesimilar components. When reference is made to a reference numeralwithout specification to an existing sub-label, it is intended to referto all such multiple similar components.

FIG. 1 illustrates a system in accordance with the present invention forauthorizing access to, and accessing one or one or more accounts;

FIG. 2 is a flow diagram illustrating a method in accordance with thepresent invention for customizing an account, such as a loan account oran investment account;

FIG. 3 illustrates a user interface for identifying informationassociated with an account owner;

FIG. 4 illustrates a user interface for a planning tool used forplanning an account customization;

FIGS. 5-8 illustrate another user interface for a planning tool used forplanning an account customization in accordance with the presentinvention;

FIG. 9 is a flow diagram illustrating a method in accordance withvarious embodiments of the present invention for tailoring a loan to theneeds of an account owner;

FIG. 10 is a flow diagram illustrating a method in accordance withembodiments of the present invention for authorizing access to one ormore accounts; and

FIG. 11 is a form useful in relation to the method of FIG. 10.

DETAILED DESCRIPTION OF THE INVENTION

Referring to FIG. 1, a system 100 tailored for modifying loans inaccordance with various embodiments of the present invention isillustrated. As illustrated, system 100 includes a loan maintenanceservicing entity 150 that maintains one or more loan accounts 155; aninvestment maintenance servicing entity 160 that maintains one or moreinvestment accounts 165; a funds source entity 140 that maintains one ormore funds accounts 145; an account owner 120; and an accountcustomization entity 130. Each of the entities, including account owner120, can communicate via a communication network 110.

Communication network 110 can be any medium capable of facilitatingcommunications between the aforementioned entities. Further,communication network 110 can be a single communication medium or acombination of communication media. In some embodiments, communicationnetwork 110 is the Internet providing message based communicationbetween the various entities. In other embodiments, communicationnetwork 110 comprises a TCP/IP compliant virtual private network (VPN).In yet other embodiments, communication network 110 includes theInternet for communication between account customization entity 130 andaccount owner 120, and a VPN for facilitating communications betweenaccount customization entity 130 and either or all of funds sourceentity 140, investment maintenance servicing entity 160, and/or loanmaintenance servicing entity 150. However, it should be recognized thatother communication networks could be used to provide similarfunctionality. For example, communication network 110 can be a localarea network (LAN), a wide area network (WAN), a telephone network, acellular telephone network, a virtual private network (VPN), theInternet, an optical network, a wireless network, or any other similarcommunication network or combination thereof.

Funds source entity 140 can be any entity that maintains one or moresources of funds for account owner 120. In one particular embodiment,funds source 140 is a traditional bank that maintains funds account 145,such as a savings and/or checking account for account owner 120. Inanother embodiment, funds source entity 140 is an investment firm, suchas a stock broker, that maintains an funds account 145, such as a stocktrading account and/or mutual fund for account owner 120. Other types offunds source entities 140 and/or funds accounts 145 are possible inaccordance with the present invention. For example, in some embodiments,funds account 145 can be any account subject to either or both ofRegulation E (12 C.F.R. §205.10(b)) and/or National Automated ClearingHouse Association (“NACHA”) Operating Rules.

Loan maintenance servicing entity 150 can be any entity that maintainsand/or services loans and/or credit accounts. In one particularembodiment, loan maintenance servicing entity 150 is a mortgage companyor a mortgage servicing company that maintains and/or services loanaccount 155, such as a mortgage account for which account owner 120 isliable. Alternatively, in other embodiments, loan maintenance servicingentity 150 is a provider of revolving credit lines, and loan account 155is a revolving credit line for which account owner 120 is liable. Basedon the disclosure provided herein, one of ordinary skill in the art willrecognize other such loan maintenance servicing entities 150, and/orloan accounts 155 associated therewith.

Investment maintenance servicing entity 160 can be any entity thatmaintains and/or services investment accounts. In one particularembodiment, investment maintenance servicing entity 160 is a mutual fundcompany that maintains and/or services investment account 165, such as amutual fund account owned by account owner 120. Alternatively, in otherembodiments, investment maintenance servicing entity 160 is a stockbroker or insurance provider that maintains an investment account 165,such as an insurance policy or equity account for account owner 120.Based on the disclosure provided herein, one of ordinary skill in theart will recognize other such investment maintenance servicing entities160, and/or investment accounts 165 associated therewith.

Account customization entity 130 can be any entity capable ofinteracting with any or all of account owner 120, investment maintenanceservicing entity 160, loan maintenance servicing entity 150, and/orfunds source 140 to modify the standing of any or all of funds account145, investment account 165, and/or loan account 155. In someembodiments, account customization entity 130 receives funds from fundsaccount 145 under the direction of account owner 120. Such funds aredistributed to either or both of investment account 165 and/or loanaccount 155 to satisfy a financial plan implemented in relation to theaccounts. In various cases, account customization entity 130 providestools and/or expertise for developing such a financial plan. In someembodiments, account customization entity 130 is a third party apartfrom either account owner 120, investment maintenance servicing entity160, and loan maintenance servicing entity 150. In other embodiments,account customization entity 130 is part of one of the other entities150, 160 and provides services directed to the products offered by theentity to which account customization entity 130 is associated.

Referring to FIG. 2, a flow diagram 200 illustrates an embodimentaccording to the present invention. Following flow diagram 200, anaccount, such as loan account 155 or investment account 165, isidentified (block 205). Identifying the account can include receivingidentification information from account owner 120. Such information caninclude the account number, an indication of loan maintenance servicingentity 150 or investment maintenance servicing entity 160 associatedwith the account, and the terms associated with the account. Thus, forexample, where the account is a mortgage account, the identificationinformation received from account owner 120 can include the entityservicing the mortgage, the account number of the mortgage, thebeginning and outstanding principal amounts, the term of the mortgage,the beginning date of the mortgage, the interest rate of the mortgage,information regarding any variability of the interest rate, any escrowamounts associated with the mortgage, and the payment due dates.

In other embodiments, identifying the account is done by requestingaccount information from loan maintenance servicing entity 150 orinvestment maintenance servicing entity 160 based on limited informationgathered from account owner 120. For example, account owner 120 canidentify investment servicing entity 160, and the account number ofinvestment account 165. In turn, investment maintenance servicing entity160 can be contacted to obtain various details of investment account165, such as, balance, average return, holdings, account types, anyplanning information associated with the account, and the like. Asanother example, account owner 120 may identify loan maintenanceservicing entity 150 and provide a personal identification number, suchas a social security number. In turn, this information can be used tocontact loan maintenance servicing entity 150 to identify loan account155 associated with account owner 120, and various informationassociated with loan account 155.

In yet another embodiment, the account is identified from recordsmaintained by account customization entity 130. Such an approach isparticularly useful where account owner 120 has had previous interactionwith account customization entity 130. Using such an approach,information about account owner 120 and a previously identified accountcan be quickly accessed without requiring access to loan maintenanceservicing entity 150 or investment maintenance servicing entity 160, andthe access can be accomplished based on minimal information from accountowner 120. Thus, the account can be identified by account owner 120, byaccessing one of loan account servicing entity 150 or investment accountservicing entity 160, or by using a combination of identificationinformation available from account owner 120 and entities 150, 160.Based on the disclosure provided herein, one of ordinary skill in theart will recognize various approaches for identifying the account thatare within the scope of the present invention.

Referring to FIG. 3, a user interface 300 illustrates a tool used byaccount customization entity 130 to identify an account. User interface300 includes an input field 320 where information about an account to beidentified is provided. In some embodiments, input information caninclude an account number or portion thereof, a last name of accountowner 120 or portion thereof, and/or a customer number or portionthereof. As illustrated, inputting the letter “D” into the last namefield and selecting the search key. This causes all accounts previouslyknown to account customization entity 130, where the account owner'slast name starts with the letter “D” to be displayed as a list in afield 310. From this point, account owner 120 is identified from thelist and selected. It should be noted that various methods exist forobtaining account information from information maintained by accountcustomization entity 130.

Referring again to FIG. 2, planning characteristics are received inrelation to the identified account (block 210). In some embodiments,such planning characteristics can be received from account owner 120,and represent the progression of the account desired by the owner. Thus,for example, where the account is a mortgage account, the planningcharacteristics can include a desired date to payoff the mortgage, adesired monthly payment amount, a desired payment period, and/orcombinations thereof or the like. As another example, where the accountis an investment account, the planning characteristics can include adesired amount, a date to reach a desired amount, a periodic investmentamount, a desired investment period whether it be fixed or variable,and/or combinations thereof or the like.

Further, such planning characteristics can be downloaded from one ormore tools used by account owner 120 to implement a financial plan.Thus, for example, account owner 120 may use QUICKEN™ by INTUIT™ toformulate a financial plan. The formulated financial plan can then bedownloaded from QUICKEN™ to account customization entity 130, andimplemented by account customization entity 130 as further detailedbelow. Of course, based on the disclosure provided herein, one ofordinary skill in the art will recognize a variety of other financialplanning tools that may be used in accordance with the present inventionto provide one or more planning characteristics associated with theidentified account.

In other embodiments, the planning characteristics can be identified viaa financial planning product maintained by account customization entity130. Such a financial planning product can be interactively operated bya potential customer and a representative of account customizationentity 130. Such a product can provide various features offered bytypical loan calculation tools and/or investment planning tools.

FIG. 4 illustrates an interface of a financial planning product 400tailored to planning loans that is useful in relation to variousembodiments of the present invention. Financial planning product 400includes a loan information field 410, a calculated values field 415,and a projected values field 420. In loan information field 410, acustomer can enter attributes of a desired loan including, but notlimited to, the disbursement date of the loan, a due date of the firstpayment, the overall term of the loan, the period of loan payments, aninterest accrual method, and/or any money available to purchase loanpoints. Calculated values field 415, includes fields for accepting aloan amount, a term of the loan, an interest rate of the loan, and aprincipal and interest payment on the loan. As noted, a customer canenter any three of the values and have the fourth value calculated.Projected values field 420 includes various amounts calculated basedupon previously populated fields. Using planning product 400, a customercan modify one or more parameters associated with a loan to get adesired loan product tailored to the specific needs of the customer.

In some cases, the desired loan product will be a newly originated loan,whereas in other cases, the desired loan product will be overlaid on anexisting loan product to tailor the existing loan product to thecharacteristics identified using financial planning product 400. In somesuch overlaid situations, a third party, such as account customizationentity 130, can gather money from a customer and satisfy a loan held byanother party in accordance with the desired characteristics provided bythe customer via financial planning product 400.

FIG. 5 illustrates another financial planning product 500 again tailoredfor planning acceleration of a given loan. Financial planning product500 includes a hypothetical modeling interface 585 and an accountmodeling interface 580. Further, financial planning product 500 includesa field 535 to select either modification or monitoring of an account.In the modify mode, planned characteristics can actually be implementedto customize a loan at issue. Alternatively, in the view mode, a numberof what if scenarios can be developed, but not implemented as part ofany loan. Financial planing product 500 includes a basic loan field 510,a acceleration criteria field 515, and a results field 520.

Basic loan field 510 includes input fields where information about anexisting or proposed loan can be entered. Such fields can include, butare not limited to, principal and interest payment information, escrowinformation, additional principal payment information, total payment,interest rate, next payment date, payment period, and/or currentprincipal balance. Of note, in some embodiments, various of the fieldscan be calculated based on other fields.

Acceleration criteria field 515 includes various fields associated withaccelerating the loan identified in basic loan field 510. The variousfields can include additional principal payments, remaining term of theloan, time of reduction of the loan, payment periods, and others. Usingthese fields, a customer can modify the term and payments of the basicloan. To do so, the customer identifies various planning characteristicsto be associated with the basic loan to create the customized loan.Thus, for example, a customer may choose to add an additional principalpayment as the planning characteristic. From this, the remaining termand term reduction can be calculated. Alternatively, a customer maychoose to maintain the same payment, but modify the frequency of thepayment. Again, from this, the term of the loan and term reduction canbe calculated. As yet another example, a customer may choose a fixed endpoint for the loan and adjust the remaining term accordingly. Form this,either or both of the payment period and additional principal amount canbe adjusted to make the desired end point reality. Further, a customercan adjust a combination of principal payment and payment period,principal payment and remaining term, or payment frequency and remainingterm, from which the remaining variables can be calculated.

Once data has been provided in the various fields, a calculation button530 can be pressed to cause the information to be incorporated into thecustomized loan. Further, the process can be iterative and allow thecustomer to make a series of modifications until they get what theydesire. At any point, the iterative process can be saved by pressing asave button 525. Results field 520 includes various modifications to thebasic loan described above. Results field 520 is populated upon pressingcalculation button 530. The iterative process of providing planningcharacteristics and receiving and viewing results are illustrated inblocks 215, 220, 225 and 230 of FIG. 2. Referring to FIG. 6, financialplanning tool 500 is illustrated with the various fields populated uponpressing calculation button 530 in the modify mode.

In contrast, FIG. 7 illustrates financial planning tool 500 with loanmodeler interface 580 selected. As illustrated, loan modeler interface580 includes a payment change button 715, a revert button 710, and a getaccount button 710. Get account button 710 causes the basic account tobe updated in basic account field 510 from account information eitherheld by account customization entity 130 or obtained from an entitymaintaining the account, such as, investment maintenance servicingentity 160 or loan maintenance servicing entity 150.

Payment change button 715 can cause the planning characteristics to beimplemented to customize the basic account, and revert button 715 cancause a previously customized account to be modified back to the basicaccount. These processes are further described below in relation toblocks 245, 250, 255, and 260 of FIG. 2.

Referring again to FIG. 2, planning characteristics identified usingfinancial planning products offered by account customization entity 130,or imported from third party tools operated on a customer's computer canbe incorporated into a planning tool offered by account customizationentity 130 (block 215). Such planning characteristics can include astatic payment, a payment period, an excess principal payment amount, aproposed conclusion date for a loan, a proposed retirement date, aproposed investment, a periodic investment amount, a period for theinvestment, an acceleration in a payment or investment amount, and thelike.

In some embodiments where the planning characteristics are derived froma financial planning product offered by account customization entity130, the financial planning product and the planning tool areincorporated into a common product. Thus, the planning and incorporationcan be performed in the same step using the same tool. In otherembodiments, the planning tool is separate from the financial planningproduct. In this way, a customer is free to identify a plan without theinfluence of any representative of account customization entity 130.Rather, the planning characteristics identified by the customer can beuploaded to the financial planning tool, and subjected to only minormanipulation, if any, under the direction of a representative of accountcustomization entity 130.

The results of incorporating the planning characteristics into theplanning tool are then provided to the customer (block 220). In someembodiments, these results are provided to the customer via theInternet. However, based on the disclosure provided herein, one ofordinary skill in the art will recognize other ways of providing suchinformation to the customer in accordance with the present invention.The customer can then either accept or reject the modifications providedas part of the projected results (block 225). In one particularembodiment, the customer accepts the results by pressing a paymentchange, or account change button provided as part of an interactiveinterface.

Where the results are not as desired, one or more variables associatedwith the plan can be modified (block 230), incorporated into theplanning tool (block 215), and results projected in relation to themodifications presented (block 220). Such results can then be evaluated(block 225) and either accepted, or again modified.

The results can now be applied to the existing loan or investment, suchthat an account associated with the existing loan or investment operatesin accordance with the determined results. In relation to implementingthe results, account customization entity 130 is authorized to accessthe account at issue, and/or an account from which money will betransferred to/from the account at issue (block 235). Such authorizationcan be performed by a variety of mechanisms including, but not limitedto, having account owner 120 sign a release authorizing access to theaccount by account customization entity 130. In another embodiment,account authorization is performed in accordance with a novelauthorization method disclosed below in relation to FIG. 10.

In addition, variables to be held constant in relation to the projectedresults are identified (block 240). Thus, for example, where the accountis a loan to be paid off, the constant variables identified can includethe time to payoff the loan, the periodic payment of the loan, theperiod of the payment on the loan, and/or the like. Alternatively, wherethe account is an investment, the constant variables can include aperiodic infusion of funds, a period of the infusion, a periodicwithdrawal of funds, a period of the withdrawal, a fixed point in timewhere a desired amount will be available, and/or the like.

With the constant variables identified, the plan can be implemented inrelation to the account or accounts (block 245). As just one example ofan implementation where the account is a mortgage, the plan may includemaking a fixed payment amount at a period that coincides with whenaccount owner 120 receives a recurring paycheck from their employer.Thus, the employer can deposit the amount of the paycheck into a savingsaccount of account owner 120. In turn, account customization entity 130,having been authorized to access both the mortgage account and thesavings account, withdrawals funds from the savings account at some timeafter the employer has deposited the paycheck and transfers the funds tosatisfy the mortgage account. Thus, where the mortgage account calls fora monthly payment, the monthly payment period can be modified to apayment period coinciding with when account owner 120 receives paychecksfor employment. In some cases, other variables of the mortgage remainthe same, including the time to pay the loan off, the total interestpaid over the life of the mortgage, and the like.

In another example, the plan may include making a payment amount at aperiod defined by the mortgage, where the payment amount is adjustedsuch that the mortgage is paid off at a fixed point in time that isdifferent from the original term of the mortgage. To do this, accountcustomization entity 130 withdrawals funds from a savings accountassociated with account owner 120 and applies them to the mortgage. Theamount withdrawn is sufficient to cause the mortgage to be paid off atthe fixed point in time. Based on the disclosure provided herein, one ofordinary skill in the art will recognize other approaches based ondiffering constant variables, and/or combinations thereof. For example,it is possible to change the period of a recurring payment and theamount of the recurring payment such that a mortgage is paid off at afixed point in time.

As yet another example, the account to be customized may be aninvestment account. As such, the variables to be maintained as constantcan include the periods at which recurring investments are made, and thetotal amount of an investment to be achieved at a fixed point in time.Thus, at the identified period in time, account customization entity 130withdrawals funds from a savings account associated with account owner120, and transfers the funds to the identified investment account. Theamount of funds transferred can be equivalent to an amount required tobe deposited on a recurring basis to reach the end goal based on apresumed return on investment. Where the return on investment is fixed,it is possible for the amount to be constant. However, where the returnon investment varies, the amount and/or the period of the infusion ofadditional funds into the investment account can be adjusted.

Based on the disclosure provided herein, one of ordinary skill in theart will recognize many other applications of the present invention toinvestment accounts. For example, a reversed situation may be desiredwhere a fixed amount of funds are to be available in an investmentaccount at a determined point in time, while funds are withdrawn fromthe account on a recurring basis. Thus, account customization entity 130withdrawals funds from the investment account on a periodic basis andprovides the funds to account owner 120. The amount of funds withdrawnare based on the presumed or fixed rate of return, and the desiredamount available at the endpoint. Thus, using account customizationentity 130, a variable annuity can be created from a standard investmentaccount.

With the plan implemented (block 245), it remains to monitor, and ifnecessary adjust the plan to assure that the desired constants remainconstant. To do this, the customized account is queried to determine ifvarious characteristics associated with the account have changed (block250). If the characteristics have been changed, it may be necessary toadjust the plan implementation such that desired constants are achieved(block 260). Thus, as just one example, where the plan involves avariable rate mortgage it may be found that the interest rate of themortgage has been increased. This increase in the interest rate mayrequire that the plan be adjusted to meet some desired goal. Forexample, where the desired goal is to payoff the mortgage at a fixedpoint in time the amount of the recurring payment can be increased toassure that the desired goal is met in light of the increase in themortgage amount. Alternatively, the frequency of the payment may beincreased, or any other modification may be made. Based on this, one ofordinary skill in the art will recognize various modifications possibleto assure that desired results are achieved.

As another example, it may be determined that a return on an investmentis lower that previously presumed (block 250). Thus, to assure that adetermined amount is available at a determined time, the amountperiodically invested in the investment account may be increased (block260). Based on this, one of ordinary skill in the art will recognizemany other modifications that are possible.

Further, it should be noted that adjustments can be limited. Forexample, where the investment account is a mutual fund that for oneperiod had a return on investment of fifty percent, and a return oninvestment of ten percent for the subsequent period, the amount of theperiodic investment is not necessarily increased the full amount toaccommodate the dramatic decrease in return. Rather, the amount may beincreased to accommodate some of the decrease in return, and the plan isallowed to run in the red for a period. When a later increase in returnis realized, the amount is not reduced, or is not reduced assignificantly as it would have been if the account was not running inthe red. This limit on the reduction in the periodic investment allowsfor the account to be brought back out of the red. Such an approach oflimiting adjustments avoids the situation where potentially unlimitedamounts must be immediately forwarded to assure the plan is maintainedin the black. In some cases, however, such limits may not be necessarywhere limits already exist in the amount that account characteristicscan change. Thus, for example, where the investment account holdsnon-volatile securities, the non-volatility of the held securities maybe sufficient assurance that any adjustment will not be overwhelming.

In addition, account owner 120 may be queried to determine if they wouldlike to modify the plan (block 255). This ability to modify the planallows for account owner 120 to modify the plan to meet new needs ordesired results. Thus, for example, account owner 120 may get asignificant pay increase associated with their employment and may desireto payoff a mortgage sooner. This can be accommodated by changing thedesired-payoff point, and re-implementing the plan to achieve thedesired payoff point. Alternatively, where an adjustment (block 260) isrequired to meet an existing plan, the plan can be changed to controlthe implementation of any adjustment. Thus, for example, where anadjustment will double the amount of periodic investments, the plan canbe changed to reflect different goals such that the periodic investmentdoes not need to double.

Referring to FIG. 8, an embodiment of the present invention forinteractively identifying and implementing a plan is illustrated as aflow diagram 900. Following flow diagram 900, account customizationentity 130 receives the identity of account owner 120 (block 905). Insome cases, this is accomplished where account owner 120 contactsaccount customization entity 130 via communication network 110 andprovides the information. The information can include the name, socialsecurity number, account number, customer number, and/or the like foraccount owner 120. This information is used by account customizationentity 130 to determine if account owner 120 has previously created arecord (block 910). Where such a record of account owner 120 does notexist, an account record can be created (block 920). Creating theaccount record can include providing information about account owner 120including, but not limited to, name, contact information, age, maritalstatus, income information, and/or the like. Further, information aboutan account to be customized can be obtained including, but not limitedto, type of account, entity maintaining the account, account number,characteristics of the account including returns, interest rates,inception of the account, required payments and periods thereof, and thelike. All of this information can then be stored to a database in a waythat it is linked to account owner 120. Information about an account isalso transferred to a planning tool where it can be manipulated (block935).

In some cases, information may be provided that allows account owner 120to utilize tools provided by account customization entity 130 to examine“what if” scenarios. In such cases, account number and other privateinformation is not fundamental and may not be gathered by accountcustomization entity 130. This allows a potential customer toinvestigate various possibilities available through accountcustomization entity 130, without providing sensitive information.

In some cases, the “what if” scenarios investigated by account owner 120are converted to a plan that is implemented in relation to one or moreaccounts of account owner 120. In such cases, access to the variousaccounts related to implementing the plan will necessitate that accountowner 120 provide account numbers and specifics associated with theaccounts, as well as authorization to access the accounts.

Where such a record of account owner 120 already exists (block 910), itis determined if the record identifies an account, and whether accountcustomization entity 130 is authorized to access the account (915).Where account customization entity is not authorized to access theaccount, account information in the record is opened (block 930). Theaccount information may simply be a “what if” scenario developed byaccount owner 120 in a prior session. This information can betransferred to a planning tool where the information can be manipulatedto further develop the “what if” scenario (block 935).

Alternatively, where account customization entity 130 has actual accountinformation and is authorized the account(s), the actual account can bequeried to obtain the most up to date information (block 925). Thisinformation can include account balances, interest in arrears, period ofpayments, term until payoff, return on investment, and/or the like. Thisinformation can be transferred to a planning tool where it can befurther manipulated (block 935).

The information can be incorporated into the planning tool in a varietyof ways (block 935). For example, the information may be imported fromthe record associated with account owner 120 according to designationsthat are related to fields in the planning tool. Thus, for example, thefields may include account type, return on investment or interest rate,account balance, fees associated with the account such as escrow fundsor IRA fees, and the like. Information from these fields in the recordare then used to populate corresponding fields in the planning tool.

With the fields in the planning tool populated with account information,the planning tool can be used to manipulate the account information toformulate a plan for customizing the account (block 940). For example,the amount of a recurring payment can be modified and the effects on thetiming of a payoff, or the growth of an investment account evaluated.Other modifications can also be made, and the effects on othercharacteristics of the account evaluated. Upon each manipulation, theresults of the manipulation are displayed for the consideration ofaccount owner 120 (block 945). If other manipulations are desired (block950), the process can be repeated from the point of the lastmanipulation. In this way, account owner 120 can continue to modifyaccount parameters until a desired account customization is achieved.

Once the desired result is achieved, it is determined if accountcustomization entity 130 has access to the account(s) related toimplementing the desired plan (block 955). Where account customizationentity 130 does not have such authorization, the authorization can beprovided, or the session including the desired plan is saved in therecord associated with account owner 120 for access at a later time(block 965). Alternatively, where account customization entity does haveaccess to the account(s) related to the desired customization, accountowner 120 is queried to determine if they would like to implement thedesired customization (block 960). Where it is not desired to implementthe customization, the session is saved as previously discussed (block965).

Alternatively, where it is desired to implement the customization, theproposed account changes are compared to business rules associated withthe account(s) involved and either approved or disapproved (block 970).In some cases, block 940, 945, and 950 are repeated to get the plan suchthat it can be approved. Once the plan is approved, the account ismodified in accordance with the plan (block 975). Such modification caninclude making transfers to/from a savings account associated withaccount owner 120 to/from an investment or loan account associated withaccount owner 120.

Referring to FIG. 9, a flow diagram 1000 illustrates an embodiment forcustomizing a loan in accordance with the present invention. Followingflow diagram 1000, a funds source and a loan to be customized areidentified (block 1005). In one particular embodiment, the loan is amortgage loan and the funds source is a savings account with directdeposit from an employer of account owner 120. Based on the disclosureprovided herein, however, one of ordinary skill in the art willrecognize a number of other loans and/or funds sources that can be usedin relation to the present invention. Such identification can includeaccount owner 120 providing account numbers and information about theentities holding the accounts to account customization entity 130.

In addition, account customization entity 130 can be authorized toaccess the account(s) (block 1010). As with previous embodiments, suchauthorization can be provided by securing the signature of account owner120, while in other embodiments, such authorization is achieved asdiscussed in relation to FIG. 10 below. With authorization to access theaccount(s), account customization entity 130 can access the account(s)and retrieve information about the account(s) (block 1015). Suchinformation can include an interest rate of a mortgage loan, whether theinterest rate is fixed or variable, an escrow amount associated with themortgage loan, individual components that comprise the escrow amountsincluding property insurance, taxes, and the like. Other information caninclude the term of the loan, the due date of any recurring payments,and the like.

Further, planning characteristics can be received in relation to theloan account (block 1020). Such planning characteristics can be thosediscussed above in relation to other embodiments of the presentinvention. For example, the planning characteristics can be a fixedpayment amount that recurs at a fixed time, or a fixed payoff date forthe loan. The loan information and the planning characteristics can beincorporated into a planning tool (block 1025). The planning tool canprovide projected results based on the planning characteristics (block1030). Such results can include a projected payoff date based on adesired recurring payment, a projected recurring payment based on adesired payoff date, and the like.

Account owner 120 may either accept or reject the provided results(block 1035). Where the projected results are not accepted, the planningcharacteristics can be modified (block 1045) and the results againprojected based on the modified characteristics. In this way, accountowner 120 can interactively develop a plan for customizing the loan atissue. Thus, for example, account owner 120 may initially input adesired payoff date and find out that the required payment is too high.From that point, account owner 120 can select a later payoff date, oreven a maximum payment and look at the results from that.

Once the results are accepted (block 1035), the constant variables areidentified (block 1040). Thus, for example, if the proposed plan callsfor a payoff at a particular date, the payoff date can be identified asa constant variable. Alternatively, where the payment amount is fixed,it can be identified as the constant variable. With the constantvariables identified, the plan can be implemented in relation to theloan (block 1050).

With the plan implemented, the progress of the loan account can bemonitored. This monitoring includes monitoring the characteristics ofthe loan to assure that they conform with the plan (block 1065). Forexample, it can be determined if the interest rate associated with avariable rate mortgage has changed, whether a required payment amounthas changed, whether escrow amounts associated with a mortgage havechanged, and the like.

In one particular embodiment, the loan is an adjustable rate mortgagewhere the plan calls for making excess principal payments. The excessprincipal payments can be made by increasing the frequency of recurringpayments, by adding additional funds to recurring payments, or acombination thereof. Each year the holder of the mortgage adjusts theinterest rate under which the loan is offered, and the recurring paymentto match the interest rate. Further, the recurring payment is adjustedto compensate for any excess principal payments made during a precedingyear. Therefor, the recurring payment is adjusted such that the loanwill be paid off at the endpoint of the loan's original term. This isoften contrary to account owner 120 that would like to pay the loan offearlier.

To counteract this, the change in characteristic (the payment due andthe new interest rate) are identified. From this, the changes in thecharacteristics are used to adjust the plan such that the constantvariables remain constant (block 1060). Thus, for example, where thepayoff point of the loan is to remain constant, the recurring payment isadjusted to match the payoff date. Alternatively, where the payment isto remain at a constant level, the payment is adjusted to the constantlevel.

In addition, it can be determined if account owner 120 would like toadjust the plan (block 1070). Where such is desired, the plan can beadjusted (block 1045) and the adjusted plan implemented. Alternatively,where there is no desire to adjust the plan (block 1070), the loanaccount remains monitored to assure that the plan as previously definedis implemented (block 1065).

Referring to FIG. 10, a flow diagram 1100 illustrates a method inaccordance with the present invention for authorizing access to one ormore accounts. Following flow diagram 1100, an authorization form isprovided to account owner 120 (block 1105). Such an authorization formcan be provided by regular mail to an address presumed to be that ofaccount owner 120, or by electronic mail and again to an destinationaddress presumed to be that of account owner 120.

FIG. 11 illustrates an exemplary embodiment of an authorization form1200 that can be used in accordance with flow diagram 1100.Authorization form 1200 includes an enrollment passcode 1205incorporated on an enrollment card that can be any copy, paper form,and/or visual display. Authorization form 1200 further includesinformation 1215 on the form that clearly designates the purpose of theform as being for authorization for accessing one or more accounts. Tothis end, authorization form 1200 includes clearly and conspicuouslystated terms 1220 of any account access. Such terms include a revocationprovision 1230 indicating that account owner 120 can revoke anyauthorization previously made. As illustrated, authorization form 1200can include instructions for providing authorization via a telephonenetwork 1250 (or other electronic means), or physically 1240 by sendingform 1200 in with the appropriate signature.

Referring again to FIG. 10, communication is received in regards to theauthorization form (block 1110). In some embodiments, such communicationis not initiated by account customization entity 130, but rather byaccount owner 120, or someone on its behalf. In some cases, thecommunication is received via telephone, while in other instances thecommunication is received via the Internet. In one particularembodiment, the communication is received using a Voice Over InternetProtocol. It should be noted, however, that based on the disclosureprovided herein, one of ordinary skill in the art will recognize variousother ways of receiving such communication.

Upon receiving the communication, account owner 120 is provided withinformation about the account authorization they are about to provide(block 1115). In one particular instance, a human operator representingaccount customization entity 130 discusses various products offered viaaccount customization entity 130. Such products can include mortgageacceleration programs, recurring investment programs, and/or otherprograms involving account customization as previously described. Thehuman operator then asks if account owner 120 is interested in utilizingany of the products which will require authorization by account owner120 for account customization entity 130 to access one or more accountsassociated with account owner 120 (block 1120).

Where account owner 120 declines, the communication is terminated (block1125). Alternatively, where account owner 120 accepts, account owner 120is transferred to an interactive voice response system (block 1130). Inone particular case, the following message is provided to account owner120: “I am now going to conference you into our interactive voiceresponse system that you can use to authorize transfers under the equityaccelerator program. Just follow the recorded directions and enter therequested information electronically using the keypad on your telephone.Although I won't be participating in the authorization process, I willremain on the line while you complete the process.” Such a statementpoints out that in some embodiments, the authorization process isentirely electronic and is not oral. In addition, the statement complieswith various privacy laws that require alerting a person on thetelephone to the situation where another is monitoring the call.

Once transferred to the interactive voice response system, an indicationof such is provided to account owner 120. One such welcome message caninclude: “Welcome to the equity accelerator authorization system. Thissystem allows you to authorize your participation in the equityaccelerator program electronically by using your touch-tone telephone.You may exit the authorization system at any time by pressing the starkey.” In some instances, the term phone enroll is specifically not usedto avoid any suggestion that the authorization is an oral telephonicauthorization. Rather, it can be sought to assure that account owner 120understands that it is an electronic authorization.

With account owner 120 introduced into the interactive voice responsesystem, a number of prompts can be provided and responses theretoreceived (block 1135). One such prompt is as follows: “As you know, youreceived a letter that explains how the equity acceleration programworks. The letter was accompanied by an enrollment card that includes awritten authorization. Please press ‘1’ to confirm that you received andhave read the letter, including the authorization provision.” In thisway, it is verified that a copy of the terms of the authorization hasbeen provided to account owner 120 in either electronic or written form.

Next, account owner 120 is asked to provide a passcode provided on thewritten authorization form (block 1140). The passcode is only availableon the printed authorization form, and is not available from the humanoperator that is listening in on the interaction. Thus, reception of thepasscode provides a degree of security that account owner 120 receivedthe written authorization form that was provided to an address known tobe frequented by account owner 120. In addition, in some embodiments,there is not any way for the human operator to provide the information.Thus, a human operator does not have any ability to enroll account owner120 without their permission.

The following prompt provides an example of requesting the passcode fromaccount owner 120: “You will be asked to enter the enrollment passcodeprovided on the letter that was sent to you. By entering the enrollmentpasscode, you will identify yourself for purposes of the equityaccelerator program and authorize your lender or its agent to initiatetransfers from your bank account to make payments on your mortgage onthe terms set forth in the written authorization included in the letterthat your received discussing the program. This enrollment passcode willbe your electronic signature identifying you and authorizing thetransfers on those terms, and an electronic record of your authorizationwill be maintained by the program. When you are ready to begin, pleasepress ‘1’.” Such a prompt allows for authorization even though theenrollment passcode does not necessarily originate from the entitymaintaining the account to be accessed. Further, such a prompt evidencesthe account owner's identity where the passcode is only available fromthe solicitation letter previously mailed to the address of accountowner 120.

Having prepared account owner 120, they are prompted to enter thepasscode. The following prompt provides an example: “Please enter theenrollment passcode followed by the pound sign to identify yourself forpurposes of the program and toy authorize the transfers on the terms setforth in the written authorization included in the letter.”

The passcode is received via the interactive voice response system(block 1145), and checked to assure that it is a valid passcode (block1150). The passcode may be validated by assuring that informationgarnered by the human operator is consistent with the passcode, or thatthe person's name is that associated with the passcode. Based on thedisclosure provided herein, one of ordinary skill in the art willrecognize a variety of approaches to validate the passcode. Based onreception of the passcode, account owner 120 is enrolled (block 1155).Upon enrollment, the following prompt may also be used: “Yourauthorization has been completed. Thank you for using our electronicauthorization system. Please remain on the line with our representativeto hear additional important information about the program.” The humanoperator can then enter the conversation and finish any communicationwith account owner 120. After such, the communication is terminated(block 1160). In some cases, additional information is forwarded toaccount owner 120. Such additional information can be a confirmation ofthe enrollment or other such information (block 1165).

Referring to FIG. 12, a flow diagram 1200 illustrates a method ofaccount customization in accordance with the present invention, where anadditional account is added to a previously customized account. It willbe recognized that the method is similar to that of flow diagram 200with the exception of the modifications related to dealing with thecustomization of multiple accounts. Specifically, blocks 215-230, 240,255 and 260 are the same. Blocks 235, 245 and 250 have been modified tonote that two or more accounts are part of the account customization.Thus, when account authorization is performed (block 235), it may bethat multiple accounts are authorized, or just the recently addedaccount. Further, the planned customization is implemented in relationto the multiple accounts (block 245), and changes in one or more of themultiple accounts may cause a change in characteristics resulting in amodification of the plan (block 260).

Following flow diagram 1200, a loan is added to an existing accountcustomization (block 1205). Thus, for example, a customer may havepreviously performed a customization of a mortgage, and now would liketo add a car loan to the customization making it a multi-accountcustomization. To do this, the customer would identify the priorcustomized mortgage, as well as the car loan that is to be added. Itshould be noted that while the explanation of flow diagram 1200 isprovided in relation to debts or loans, investments could also beaddressed using similar approaches.

Once the loans to be grouped have been identified (block 1205), it isdetermined if the previous customization can be applied withoutmodification (block 1207). As an example, the previous plan may havecalled for making an extra twenty percent principal payment at each payperiod. Thus, when the new loan is added, the amount of the paymentsimply goes up by the amount of the loan plus twenty percent. This doesnot require providing additional planning characteristics, but rather,the existing planning characteristics are used as previously describedin relation to flow diagram 200 (blocks 215-260).

Alternatively, where a new plan is to be implemented, new planningcharacteristics in relation to the group of accounts are received (block1210). Such characteristics can be, for example, to be completely out ofdebt in five years. This results in payment modifications to one or moreof the accounts in the group of accounts. As another example, thecharacteristics can include making an extra principal payment each payperiod, but distributing that payment such that interest charges areminimized, and/or tax advantages are maximized. Once the additionalplanning characteristics in relation to the group of accounts areprovided, the plan is implemented much as described in relation to flowdiagram 200 above except that transfers are planned, monitored, andeffectuated in relation to multiple accounts (blocks 215-260). Based onthe disclosure provided herein, one of ordinary skill in the art willrecognize a myriad of characteristics that can be customized in relationto a group of accounts.

The invention has now been described in detail for purposes of clarityand understanding. However, it will be appreciated that certain changesand modifications may be practiced within the scope of the appendedclaims. Accordingly, it should be recognized that many other systems,functions, methods, and combinations thereof are possible in accordancewith the present invention. Thus, although the invention is describedwith reference to specific embodiments and figures thereof, theembodiments and figures are merely illustrative, and not limiting of theinvention. Rather, the scope of the invention is to be determined solelyby the appended claims.

1. A computer-implemented method for implementing a variable financialplan, the method comprising: identifying an account; accessing acomputerized account planning tool, wherein the account planning tool isan investment projection tool; presenting a characteristic associatedwith the account to the account planning tool; receiving an account planfrom the account planning tool; authorizing access to a bank account,wherein authorizing access to the bank account comprises an accountowner initiating a phone call and providing a predetermined passcode toa host computer; based at least in part on the account plan,facilitating a funds transfer from a bank account to the account,wherein transferring funds from the bank account to the first accountcan recur in accordance with the account plan in the absence ofadditional authorization; monitoring activity in the account using acomputer, wherein monitoring activity in the account includesidentifying a change in a projected rate of growth of the investmentaccount; modifying the account plan in response to the activity;performing a plurality of funds transfers from the source of funds tothe account in accordance with the account plan, wherein at least onefunds transfer occurs prior to modifying the account plan, and anotheroccurs after modifying the account plan; adding an additional account tothe financial plan; and customizing the combination of the additionalaccount and the account.
 2. A computer-implemented method for directingrecurring financial transfer operations, the method comprising: using acomputerized account planning tool, preparing an account plan, whereinthe account plan indicates transferring funds to an account associatedwith the account plan; identifying an account plan variable, wherein theaccount plan variable is an amount of a periodic funds transfer;monitoring activity in the account; modifying the account plan tomaintain the account plan variable within a range; providing an accountplanning tool, wherein the account planning tool is a mortgage planningtool, and wherein the account planning tool is used in preparing theaccount plan; and wherein the account is a mortgage account, and whereinmonitoring activity in the mortgage account includes identifying achange in one or more characteristics of the mortgage associated withthe mortgage account.
 3. The method of claim 2, wherein the account is afirst account, the method further comprising: identifying a secondaccount, wherein the account plan indicates transferring funds from thesecond account to the first account.
 4. The method of claim 3, themethod further comprising: performing a plurality of funds transfersfrom the second account to the first account in accordance with theaccount plan, wherein at least one funds transfer occurs prior tomodifying the account plan, and another occurs after modifying theaccount plan.
 5. The method of claim 3, the method further comprising:facilitating one or more funds transfers in accordance with the accountplan, wherein the funds transfers are performed by a loan maintenanceorganization.
 6. The method of claim 3, the method further comprising:authorizing access to the first and the second accounts, whereintransferring funds from the second account to the first account canrecur in accordance with the account plan in the absence of additionalauthorization.
 7. The method of claim 2, the method further comprising:adding an additional account to the account; and customizing thecombination of the additional account and the account.